Deals of the Day: J.P. Morgan Bolsters Dimon

Deals of the Day compiles this morning’s biggest news about mergers and acquisitions, banking, bankruptcy and more. Catch us on Twitter, @WSJMoneyBeat

Mergers & Acquisitions

Elan rejects Royal Pharma’s $5.7bn bid: Elan also claimed in a response document that Royalty Pharma, a US private equity group that buys royalty streams of patented drugs, had last year initially proposed that Elan buy it out, before switching tack and offering to acquire the Irish business. [FT.com]

Syniverse, Mach deal set to win EU approval: EU antitrust regulators will clear a 550-million-euro ($710.44 million) takeover by Syniverse Technologies of competitor Mach after the U.S. telecoms services company offered to divest a chunk of Mach’s operations. [Reuters]

Financial Institutions

J.P. Morgan Bolsters Dimon: The bank sent a letter to shareholders urging them to reject a proposal to split the chief executive and chairman roles held by James Dimon. [WSJ]

Citi Takes Some Traders Off Bloomberg Chat Tool: Foreign-exchange traders at Citigroup will soon move from Bloomberg’s chat tool to their own internal system. The bank said the long-planned moved wasn’t related to others’ recent complaints about data privacy at Bloomberg. [WSJ]

China’s Brokers Can Shoot for the Stars: There’s a structural case for investing in China’s securities brokers, like China Galaxy Securities, which just raised $1.07 billion in its Hong Kong initial public offering. [Heard on the Street]

Capital Markets

Facebook IPO, a Year Later: On the eve of Facebook’s IPO anniversary Saturday, how the company tackles revenue is one of the biggest challenges in its short life as a public company. [WSJ]

Yield Grab Drives Corporate-Bond Records: Investors’ desire for yield is spurring a flurry of issuance of corporate bonds, and borrowing costs have narrowed between companies in northern Europe and the deeply indebted south. The rally is vulnerable because it relies on moves by central banks, rather than fundamental factors. [WSJ]

Meet the Next Wave of Tech IPOs: From Twitter to Lending Club to Atlassian to Marketo, a new crop of maturing tech companies are poised to hit the IPO market. [WSJ]

Companies & Industries

Day Traders Steer Tesla Higher: Swarming by daytraders around a small number of stocks such as Tesla and Netflix can supercharge moves in the shares, both up and down. [WSJ]

J.C. Penney 's Loss Widens on Sales Decline: J.C. Penney lost $348 million in its first quarter on top of nearly $1 billion in net losses last year, as sales continued to slide. The results are the last to reflect former CEO Ron Johnson’s stewardship at the retailer. [WSJ]